Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, recorded three-digit growths across key performance indicators in the third quarter, with profit before tax rising by 198 per cent to N81.1 billion.
Key extracts of the interim report and accounts for the nine months ended September 30, 2024 released at the Nigerian Exchange (NGX) showed that Transcorp Power reported revenue of N223.6 billion, representing a significant 153 per cent on N88.4 billion recorded in third quarter 2023. Highlighting operational efficiency, profit before tax for the period surged by 198 per cent to N81.1 billion, compared with N27.3 billion in September 2023. Profit after tax grew by 186 per cent to N58.5 billion from N20.4 billion.
Total assets increased by 62 per cent to N362.5 billion as of September 30, 2024, from N223.4 billion in December 2023. Shareholders’ funds rose by 82 per cent to N105 billion as of September 30, 2024, up from N57.9 billion in December 2023.
Commenting on the results, Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:
Said he: “We are proud to announce significant growth across all our metrics; our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence and positioning as a leader in Nigeria’s power sector”.
Managing Director, Transcorp Power Plc, Peter Ikenga, attributed the third quarter performance to a strategic vision, hard work, and relentless pursuit of operational excellence.
“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results. We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives.
“I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10 per cent of total power generated on the national grid.
“As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders,” Ikenga said.
Credit: thenationonlineng.net
